Brazil Could be New ‘Demand Source’ for Bitcoin

Bitcoin’s year-to-date performance compared to the Brazilian Real coupled with the country’s financial woes may help drive demand towards the cryptocurrency. According to a new report released May 11 by Delphi Digital titled “The State of Bitcoin”, Brazil’s central bank lowering its interest rates to 3% and the fact the Real had lost 30% of its value relative to the U.S. dollar could drive away investors “who find the risk-reward tradeoff no longer attractive” in certain local markets. Delphi Digital speculated that this potential exodus could lead to a greater…

EOS Whales Are Accumulating on Every Dip; Bull Run Incoming?

EOS entered a corrective phase on Apr. 30 that has seen its price retrace over 27%. The smart contracts token went from trading at a high of $3.1 to hit a low of $2.3. Despite the significant bearish impulse, data shows that large investors are accumulating EOS on every dip. If history repeats itself, this could be a sign that Ethereum’s rival is poised for a substantial upward movement. Whales Are Filling Their EOS Bags Santiment, a behavior analytics platform, noted in a recent report that something appears to be…

The Last Time This Happened, Bitcoin Rallied 150%. The Signal Just Returned

Bitcoin hasn’t done too well over the past few days. Despite the fact that the block reward halving came to pass just hours ago, the cryptocurrency is actually down since last week’s highs of $10,100, now trading at $8,500. This drop hasn’t stopped optimistic investors from expecting more upside though, with one analyst noting that Bitcoin could be on track to hit $20,000 as the year comes to an end. Related Reading: Don’t Be Surprised to See Bitcoin Rapidly “Pump” Towards $10,000: Analyst Bitcoin Is Preparing to Explode Towards $20,000…

Smaller Bitcoin Wallets on the Rise Since Second Halving

The number of Bitcoin addresses since the second halving has increased across the board, but the number of small wallets with balances of less than 0.1 BTC saw the greatest improvement. According to data from Glassnode posted on May 11, the number of Bitcoin (BTC) addresses with a balance of under 0.01 BTC — approximately $86 at the time of writing — after the third halving increased 235% when compared to the second halving in July 2016, exceeding ten million. Those addresses with a balance between 0.01 BTC and 0.1…

Chainlink Brings Verifiable Randomness to Ethereum

On May 11, Chainlink (Link) announced the launch of a verifiable random function (VRF) that enables generation of on-chain trusted randomness. Ii is undergoing security review on the testnet where it is available for integration testing. Initially, it will work with the Ethereum (ETH) blockchain. Benefits to gaming Although this may sound like something that only mathematicians or rocket scientists would care about, it has quite a few very practical applications. Chainlink’s founder and CEO, Sergey Nazarov, speaking to Cointelegraph, pointed out how it would solve some of the problems…

BTC Halving Tweets Show Investors Remain Bullish on Bitcoin Price

The long awaited Bitcoin halving came and went, bringing with it whipsaw volatility which saw the price whipsaw 5% to 7% in each direction for the last three hours leading up to block 630,000.  Earlier in the day, the top-ranked digital asset on CoinMarketCap managed a quick 8% rally from $8,475 to $9,168 but it was quickly snuffed out once the price dropped below the support at $8,750.  Crypto market daily price chart. Source: Coin360 On a more interesting note, as the 629,000 block was mined, f2pool inserted the message…

Final Block Mined Before Halving Contained Reminder of BTC’s Origins

Just before Bitcoin experienced its third halving, which cut the block reward from 12.5 BTC to 6.25 BTC, the miner who extracted the cryptocurrency’s final block had a special message for all HODLers. F2pool, the miner responsible for the extraction of block 629,999, printed a New York Times headline into the Bitcoin (BTC) blockchain just prior to the halving on May 11.  The final Bitcoin block with a subsidy of 12.5 BTC was mined by @f2pool_official and contained the following message in its coinbase transaction: ?NYTimes 09/Apr/2020 With $2.3T Injection,…

Here’s Why Exchanges Haven’t Integrated Bitcoin’s Lightning Network

The Lightning Network has been live for a few years now, but Bitcoin exchanges still haven’t joined the party — at least for the most part. Bitfinex is the most notable exception to the rule, as they added Lightning Network in December of last year. During her appearance at the Kraken Block Drop VR Halving Party on Sunday, Lightning Labs CEO Elizabeth Stark shed some light on why the vast majority of exchanges haven’t implemented this method of paying faster, cheaper Bitcoin transfers. “When Bitfinex launched [Lightning support] in December…

Don’t Be Surprised to See Bitcoin Rapidly “Pump” Towards $10,000: Analyst

Just three hours ago, Bitcoin’s latest block reward halving finally came to pass. Aside from some short-term volatility — rallies and crashes of a few percentage points here and there — the cryptocurrency barely budged off the news from a macro perspective. Case in point: the cryptocurrency now trades at $8,600 as of the time of this article’s writing, about where it was just 24 hours ago. Yet analysts are starting to become convinced that a return to the highs is possible in the coming days. One top trader, in…

Crypto Hedge Funds Doubled Assets Under Management in 2019, PwC Report Says

The “2020 Crypto Hedge Fund Report,” published on May 11 by PwC and Elwood Asset Management Services Ltd., said that cryptocurrency hedge funds’ assets under management doubled in 2019.  According to the survey, total assets under management in crypto funds grew from $1 billion in 2018 to more than $2 billion by the end of 2019. The average per fund also doubled, jumping from $21.9 million to $44 million.  Correlation with Bitcoin market The study found that crypto fund launches are highly correlated with the price of Bitcoin. When bitcoin price…